Affordable Housing, Community Development, Reports and Publications

Mild Housing Affordability Improvements for Homeowners

National Housing Conference Center for Housing Policy

According to the Center for Housing Policy, working households with severe housing cost burdens (households that pay more than 50% of household income to housing costs) fell from 23.7% in 2011 to 22.1% in 2012.

The report: Housing Landscape 2014 - The Housing Affordability Challenges of America’s Working Households, warns that these improvements are deceptive as they mostly benefited homeowners in the form of falling housing costs and lower interest rates for those who chose to modify or refinance their mortgages.

Working renters are more likely to be severely cost burdened than working homeowners, with 25.4% of renters categorized as severely cost burdened compared to 18.6% of homeowners.

In 2012, 23% of Connecticut’s working households were severely cost burdened, 126,540 households out of 550,848 working households. This number has stayed relatively stable since 2009, which posted 22.7% of working households with a severe housing cost burden.

The Hartford-West Hartford-East Hartford metropolitan area had results different from the statewide numbers. There was actually a decrease in households with a severe housing cost burden from 2009-2012, a 1.2% drop from 19.1% to 17.9%. 

Read the full report here


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